Vandy Snaps Up More Land Near Its Edge
Vanderbilt paid $5.4M for the half-acre at 2900 Vanderbilt Place, which is near the university's football stadium and across from an employee parking lot. The move comes as a part of VU's agglomeration of neighboring land; earlier this year, Vanderbilt paid more than $1.6M for 0.64 acres near the property the school just bought.
Nashville-based American Constructors was the seller. Concurrent with the sale, the company inked a long-term lease with Vanderbilt to remain in the two-story office building on the site. The land banking strategy by the university is in response to the mad dash to develop sites in Midtown, the Nashville Business Journal reports.